Author: Andrey Sergeenkov
BakerySwap is a DeFi protocol built on the Binance Smart Chain that offers tasty rewards. It works as a decentralized exchange (DEX) that adopts the automated market maker (AMM) model.
Stake and bake, create special NFT combos, get your own NFT pets, and more with the help of this guide!
What is BakerySwap?
The BakerySwap exchange
BakerySwap is one of the first projects to leverage BSC to build an AMM DEX. It is also one of the few DeFi projects on the Binance Smart Chain to offer altcoin liquidity pools.
Users who add liquidity to these pools receive liquidity provider (LP) tokens in exchange, according to their share of the pool. They can then convert these LP tokens back to the original tokens they supplied. The amount received also depends on their share of the pool. In exchange for providing liquidity, they earn trading fees.
As one would expect from a platform called BakerySwap, the native token is called BAKE. How can you get it? Well, you can farm it by staking BAKE or by providing liquidity to one of the pools, and then staking your liquidity pool tokens (BLP).
For example, if you provide liquidity to the DOT-BNB pool, you’ll receive DOT-BNB BLP tokens. You can then stake these BLP tokens to farm BAKE. If you simply want to buy BAKE on the open market instead of farming it, that’s also possible. Let’s dive deeper.
BakerySwap liquidity pools
Are you getting hungry yet?
As of November 2020, the supported BEP20 liquidity pools are:
- Bread: Stake BAKE to earn BAKE
- Doughnut: Stake BAKE-BNB BLP to earn BAKE
- Waffle: Stake BAKE-BUSD BLP to earn BAKE
- Rolls: Stake BUSD-BNB BLP to earn BAKE
- Croissant: Stake BAKE-DOT BLP to earn BAKE
- Latte: Stake USDT-BUSD BLP to earn BAKE
- Toast: Stake ETH-BNB BLP to earn BAKE
- Cake: Stake BTC-BNB BLP to earn BAKE
Once everything is set up, you can unlock the wallet to reveal extra information on the website.
The BakerySwap dashboard.
To add liquidity, click on Exchange at the top menu and select the Pool tab. Next, click the button “Add Liquidity.”
Adding liquidity to BakerySwap.
Next, select the token pair you want to provide liquidity for. In this example, we have selected BNB and BAKE, so we will receive BAKE-BNB BLP tokens in return.
Choose the token pair to provide liquidity for.
Once you have received your BLP tokens, you should navigate to "Earning" and select the option matching your BLP tokens. In this example, we will select Doughnut.
Staking BAKE-BNB BLP tokens to earn BAKE.
Enter the amount of tokens you want to stake and confirm the transaction. Once completed, it is safe to browse away from the page. You can check back at any time to see how much BAKE you earned. The earned BAKE is automatically collected when you stake or unstake BLP tokens. You can also collect manually by clicking the Harvest button.
So, we’ve talked about the core functionality that BakerySwap has to offer. But that’s not the whole picture! There are other, more unique features you can also try.
The first Initial Dex Offering (IDO) was for Battle Pets, a blockchain-based pet battle game where players can breed, exchange, and battle NFT pets on the Binance Smart Chain. Stay tuned for more projects in the future!
The BakerySwap NFT Combo pool
You can decompose them at any time and earn back 90% of the BAKE that you locked to create them. At the time of writing, though, all NFT Combos have been sold out. It seems honest bakers are adding them to their baking arsenal quite quickly.
The Bakery Combo dashboard.
- Basic: 10,000–20,000 BAKE
- Regular: 20,000–50,000 BAKE
- Luxury: 50,000–100,000 BAKE
- Supreme: Above 100,000 BAKE
Remember, the Staking Power you get for each is unique. It’s based on the amount of BAKE you have committed and a random multiplier. So, the more BAKE you lock in, the higher its potential Staking Power will be.
Is BakerySwap safe?
However, depositing funds into a smart contract is always risky, as there may be bugs that did not get attention during the audit. Never deposit money you cannot afford to lose.
BakerySwap is an all-around DeFi ecosystem on the Binance Smart Chain. The team behind BakerySwap is confident their service is fast, cheap, and, perhaps most importantly, tasty!
Whether it’s exchanging BEP-20 tokens, earning passive income by staking BAKE or creating special NFT Combos, you have a lot of options with BakerySwap.